by The genomics market has witnessed rapid growth in recent years owing to the advancements in next generation sequencing technologies. Genomics involves analysis of DNA and genomes of microorganisms, plants, animals and humans to study genetic variations that could provide insights into human biological functions and diseases. Genomic techniques are widely used in applications such as agricultural biotechnology, medical diagnosis, forensic analysis and other areas of research.
The Global Genomics Market is estimated to be valued at US$ 53.23 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Genomics are Signify Holding (PHILIPS), Aerofarms, Sky Greens, IGS limited, Everlight Electronics Co., Ltd., Freight Farms, Agrilution, American Hydroponics, Urban Crops Solutions, Vertical Farm System, Gronska stadsodling ab, V-Farm, GrowUp Farms Ltd, Vertical Future Ltd, SweGreen, Jones Food Company, InFarm, Agricool, Future Crops, GrowY, and Intelligent Growth Solutions Limited.
Key opportunities in the Genomics Market Growth include increased investments in genomic research and development by various private players as well as governments across the globe. Initiatives such as the Human Genome Project have enabled rapid advancement of genomic techniques and aided in better understanding of genetic disorders. The declining cost of sequencing is also expected to boost adoption of genomics applications globally.
Advancements in next generation sequencing technologies such as third generation sequencing and single cell sequencing are further driving innovation in genomics. Technologies such as CRISPR are also enabling more accurate gene editing capabilities paving way for applications in gene therapy development.
Market drivers
The key drivers propelling growth of the global genomics market include rising prevalence of chronic and infectious diseases necessitating genomic analysis for improved diagnosis and treatment. Growing geriatric population globally also contributes to increasing incidence of age-related diseases driving genomic research. Favorable regulatory guidelines and support for genomic techniques along with declining costs of sequencing will further augment adoption of genomics in the healthcare sector over the forecast period.
Current Challenges in Genomics Market
The genomics market has grown significantly over the past decade due to advancements in sequencing technologies and reducing costs. However, there are still a few challenges that need to be addressed to realize the true potential of genomics. Data storage and management has become a major issue due to the massive amount of data being generated from sequencing experiments. Analysing and interpreting this genomic data requires high performance computing capabilities that are still being developed. Another challenge is obtaining sufficient funding and investments for genomics research as most countries allocate only a small portion of their healthcare budget for it. Translating genomic insights into clinical applications also takes considerable time and regulatory approvals. Ensuring data privacy and security related to personal genomic information is important to gain public trust. Overall, continued technology innovation, multi-disciplinary collaborations and overcoming infrastructural bottlenecks will help make genomics a more integral part of healthcare systems.
SWOT Analysis
Strengths: Growing sequencing capabilities and reducing costs have made genomics more accessible. Advances in AI/ML are helping discover new biological insights.
Weaknesses: Storage, analysis and interpretation of massive genomic data remains a challenge. Translating insights into clinical use takes significant time and resources.
Opportunities: Genomics can revolutionize fields like oncology, cardiology with personalized medicine. Agricultural and environmental applications also promising areas for growth.
Threats: Maintaining data privacy and security is crucial with increasing volumes of personal data. Over-reliance on technology without understanding limitations can undermine quality.
Geographical Regions
North America dominated the global genomics market in terms of value in 2024, accounting for over 35% share. This was mainly attributed to extensive R&D investments and early adoption of advanced technologies in the US and Canada. Asia Pacific is expected to be the fastest growing region during the forecast period from 2024 to 2031, projected to expand at a CAGR of around 12%. Countries like China, India, South Korea and Japan are strengthening their genomics infrastructure to fuel the regional growth. Europe is another major regional market benefitting from supportive government policies and strong academic research base in the UK and Germany.
Fastest Growing Region
Asia Pacific offers huge untapped market potential and is poised to become a global leader in the genomics industry. China’s ‘Precision Medicine Initiative’ and ‘13th Five Year Plan’ are driving significant investments in genome sequencing capabilities. The favourable regulatory environment is also attracting global players to establish R&D and manufacturing hubs in countries like Singapore. India is emerging as a world-leading destination for clinical genomic testing and services due to low costs and a large talent pool. With rising healthcare expenditure and genomics finding increasing role in conditions like cancer – the Asia Pacific genomics market is projected to witness a growth rate exceeding the global CAGR in the coming years.
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
